The GCC heat treating market size is projected to
reach USD 935.7 million by 2025, at a CAGR of 2.4% by 2025, according to a new
report of Grand View Research Inc. The market is expected to be driven by
rising demand for heat treating units from numerous industrial applications,
including automotive and aerospace, over the forecast period.
Significant growth in the automotive industry
worldwide, along with Middle East and Africa, has fueled demand for heat
treating solutions. Key economies such as UAE and Saudi Arabia are faced with
high demand for affordably priced vehicles, fueled by rapid urbanization,
increase in disposable income, and changing lifestyle. This rise in demand has
inspired various automotive manufacturers to strengthen their manufacturing
base in the region. In addition, favorable government policies have attracted
significant investments from foreign players.
The steel segment is expected to lead the
market on the basis of material, registering a CAGR of 2.5% over the forecast
period. Robust industrial development in the Gulf Cooperation Council (GCC),
owing to liberalization of industrial policies, has contributed to the demand for
steel. Rising expenditure on infrastructure development projects, coupled with
growth in the automotive industry in key emerging economies in MEA and around
the globe, has also resulted in a significant increase in steel consumption.
Growing use of metals and allied metals in
industrial applications is expected to drive the GCC heat treating market over
the forecast period. Value-added features and characteristics of metals offered
during the processes are expected to offer significant growth opportunities.
Based on type of fuel used, the market can be
broadly categorized into fuel-fired and electrically-heated furnaces. In
fuel-fired furnaces, heat is generated through the combustion of fossil fuels
such as oil, coal, and natural gas. In electrical furnaces, heat is generated
by passing electricity through the material or via induction. The positive
shift from traditional to electrically heated furnaces has favored market
growth.
Automotive was the largest application segment
in terms of revenue in 2018 and is slated to account for a significant share by
2025. Increasing reach of various automotive manufacturers in Saudi Arabia,
UAE, Oman, and other GCC member states has propelled demand for heat treating
in the Middle East. Positive outlook of the aerospace industry is also expected
to drive the market.
Browse full research report on GCC
Heat Treating Market:
https://www.grandviewresearch.com/industry-analysis/gcc-heat-treating-market
Further key
findings from the report suggest:
- The Saudi Arabia market is expected to
register a CAGR of 1.31% over the forecast period owing to increased focus
on tourism and rise in government spending on aerospace, military, and
defense industries, among others
- The UAE market is expected to reach USD 128.00
million by 2025. Constant restructuring in corporate operations, shift
toward non-oil activities, and other macroeconomic factors are expected to
propel market growth
- The Qatar market was valued at USD 72.03
million in 2018. Heavy investments in LNG, development of the hydrocarbon
sector, and other such strategic moves have resulted in rapid economic and
market growth.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/gcc-heat-treating-market/request/rs1
Grand
View Research has segmented the GCC heat treating market based on material,
process, equipment, application, and region:
GCC Heat
Treating Material Outlook (Revenue, USD Million, 2015 - 2025)
- Steel
- Cast Iron
- Others
GCC Heat
Treating Process Outlook (Revenue, USD Million, 2015 - 2025)
- Hardening &
Tempering
- Case Hardening
- Annealing
- Normalizing
- Others
GCC Heat
Treating Equipment Outlook (Revenue, USD Million, 2015 - 2025)
- Fuel-fired Furnace
- Electrically-heated
Furnace
- Others
GCC Heat
Treating Application Outlook (Revenue, USD Million, 2015 - 2025)
- Automotive
- Aerospace
- Metalworking
- Machine
- Construction
- Others
GCC Heat
Treating Regional Outlook (Revenue, USD Million, 2015 - 2025)
- Saudi Arabia
- UAE
- Oman
- Qatar
- Bahrain
- Kuwait
- Yemen
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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